Retirement Plan Tracking Software

The Vendor is required to provide a cloud-hosted retirement plan tracking software solution to support the administration of the county retirement plan.
- The Retirement Plan currently serves the following membership population:
• Active employees: 1,720
• Deferred vested members: 212
• Retirees and beneficiaries: 798
- The Plan includes three benefit tiers:
• Tier 1: Employees hired from January 1, 1969 through June 16, 2003
• Tier 2: Employees hired from June 17, 2003 through December 31, 2009
• Tier 3: Employees hired January 1, 2010 and later
- System include:
• Solution must be capable of tracking 3 or more tiers of retirement plans (401)a plan types, with grandfathered provisions
• Solution to accurately calculate benefits for employees with consideration for eligibilty rules (age, service, employment status, job class, etc.)
• Solution to offer online services for employees to calculate retirement options at various ages, under various circumstances
• Solution to be configured to support spouse / beneficiary elections
• Solution to allow for life event processing, such as: leave of absence, disability, military leave, and beneficiary support in the event of participant death.
• Data migration from lynch val is part of proposal (see n-38)
• Ability to move funds between multiple institutions such as wells fargo and us bank
• Capability of e-signature
• Ability to link outside / other 401k / 457 plans
• Ability to provide annual participant statements (actuary currently does)
• Provide online retirement application for participants
• Manage county retirement forms or documents such as: beneficiary form, retirement checklist, retirement beneficiary for spouse, etc.
• Ability for administrators or employees to perform retirement calcs using variable salary changes (forecasting future salary and pension or cost of living increases)
• Ability to perform audits on events such as death to discontinue or modify payments when appropriate
• Ability to audit current retirement calculations in lynchval and make corrections before moving to new system
• Track and maintain working retirees, such as important dates for eligibility and expirations
• Process retirement for multiple employment periods and rehires
• Ability to process lump sum benefit payouts
• Report on vesting status & service tracking
• Outbound integration from workday to proposed solution
• Ability to track and perform options for various job positions and time in that position, in different departments
• Data retention schedules should be able to be configured and managed according to weld's policy
• System tracks prorated service accrual based on fte or hours worked.